The competition authority has gone cap in hand to the Government’s Contingencies Fund for an £8.8m bail-out it says it needs to “meet an urgent cash requirement on existing services”.

The loan – or “net cash requirement” in OFT-speak – is required “in order to settle material liabilities recognised in the prior year”, elaborates employment relations minister Jo Swinson in a ministerial statement.

It's not clear at this stage how the watchdog managed to accumulate such pressing liabilities. But there’s no cause for alarm – the OFT insists the bail-out, which is subject to Parliamentary approval, “will be repaid”.

On the case with PPI

Payment Protection Insurance (PPI) complaints continue to swamp the in tray of the Financial Ombudsman, which is still taking on 8,000 to 10,000 new cases each week.

“At the current rate, we will receive more than 350,000 PPI complaints this year,” says a spokesman, who told Diary that 93pc of the claims brought against Barclays have been settled in the consumer’s favour, compared to 18pc of those brought against Nationwide – “one of the better banks in terms of PPI”. An accolade to be proud of.

Simon Calver is making progress after announcing his long-term incentive plan for Mothercare. But did he factor in the collapse of company’s Australian arm and the exit of UK managing director Mike Logue when he splashed out almost £60k on 18,300 in the company just six days before this dramatic turn of events? Like Diary said, it’s a long-term incentive plan…

Gordon's brown bottom

A baptism of fire for Lord Deighton, the new commercial secretary to the Treasury, as Lord Mitchell demanded what the Coalition Government has achieved for the economy over their first 1,000 days in power.

“We are teetering on the brink of a triple dip recession, the UK’s credit rating is close to being downgraded, and our national debt is rising,” said Lord Mitchell on Wednesday in the House of Lords.

“After 1,000 days, does not the Minister think that this Government should stop blaming the previous government and start taking responsibility for their own failed economic policies?”

But there was worse to come from Lord Forsyth, who brought up Gordon Brown’s ill-advised decision to sell gold at the bottom of the market. That’s the strategy “affectionately known in the City as the 'Brown bottom’” he reminded, for the benefit of those not up to speed.

There was only ever one winner for the IPO of the Year award after a 12-month spell when float activity has been at its most soporific: Snoozebox Holdings. The portable accommodation specialist won this honour at the Grant Thornton Quoted Company Awards, after raising £12m since its stock market debut last May by providing events with “moveable cabins with a shower and electricity”. A shower and electricity, you say?